Snap Inc. has banned advertising of so-called initial coin offerings (ICOs) in the Snapchat app, a company spokesperson told Cheddar on Monday.
The move makes Snapchat the latest social media platform to ban ads for cryptocurrency ICOs, an increasingly popular form of raising money by issuing virtual tokens instead of more traditional company shares.
Facebook banned all cryptocurrency ads, including ICO ads, in January — although it still allows educational ads related to the crypto market. Google announced that it would ban all crypto ads last week, and Twitter is reportedly planning to announce a similar ban in the coming weeks.
In contrast to Facebook and Google, Snap’s current ban for ICOs has been in effect since early February and does not apply to other kinds of cryptocurrency ads, according to a Snap spokesperson. The spokesperson declined to comment on whether Snap would ban all crypto-related ads in the future.
Companies raised billions of dollars through ICOs in 2017. But the proliferation of the system as a way to quickly raise capital has led the SEC to [reportedly conduct] (https://www.wsj.com/articles/sec-launches-cryptocurrency-probe-1519856266) a sweeping probe into the practice. A [recent survey] (http://www.nasaa.org/44336/rise-fintech-raises-new-concerns-securities-regulators/) by the North American Securities Administrators Association found that millennials were the most at risk of becoming victims of fraud from financial tech-related products.
Snap is facing pressure from investors to continue growing its advertising business amid mounting competition from Facebook-owned Instagram. But the growth has not come without setbacks. The company came come under fire recently for approving an ad that asked whether viewers would rather "Slap Rihanna" or "Punch Chris Brown." A statement by Rihanna criticizing the company [later sent] (http://money.cnn.com/2018/03/16/technology/snapchat-stock-rihanna/index.html) Snap’s market value plunging roughly $800 million.
*Reporting by Alex Heath.*
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
